In response to a recent announcement by Mortgage Electronic Registration Systems, Inc. (MERS), Fannie Mae will soon be posting a mandatory change if a lender elects to name MERS as the mortgagee of record (as nominee for the beneficiary). That change is based on Indiana Senate Bill 232, which adds a new subsection (b) to Indiana Code § 32-21-2-3, as follows:

"(b) In addition to the requirements under subsection (a), a conveyance may not be recorded after June 30, 2007, unless it meets the requirements of this subsection. If the mailing address on the conveyance is not a street address or a rural route address of the grantee, the conveyance must also include a street address or rural route address of the grantee after the mailing address."

The amendment to Section 32-21-2-3 became effective on July 1, 2007. As Fannie Mae has authorized lenders to proceed with making changes to its Indiana MERS security instruments prior to its posting this change on its website, DocMagic, Inc. has revised its Indiana MERS security instruments to incorporate MERS' street address, 3300 S.W. 34th Avenue, Suite 101, Ocala, FL 34474.

Although MERS has announced that Indiana assignments of mortgages to MERS must also include its street address, DocMagic's Indiana assignments do not require any changes as MERS is not specifically named in its assignments.